2.1 million square feet in four, 100% leased warehouses delivered or under construction in industrial development along I-370 in St. Peters in past 18 months.
The St. Louis office of Duke Realty (NYSE: DRE), the leading domestic-focused industrial property REIT (Real Estate Investment Trust) in the country, reports that momentum continues to build in Premier 370 Business Park, its industrial development located west of St. Louis off I-370 in St. Peters. In the past 18 months, Duke Realty has delivered three new industrial buildings, all of which are now completely leased, as well as signed a long-term lease for a build-to-suit, bulk distribution center for a leading ecommerce company.
“Premier 370 has quickly become a preferred location for companies looking for modern, first-class industrial space with exceptional highway access,” said Matt Hrubes, Vice President of Leasing and Development for Duke Realty in St. Louis. “In the past 18 months, we have delivered nearly 1.3 million square feet in three new industrial buildings, leased all of that space and are starting construction on an 855,000-square-foot build-to-suit project.”
Duke Realty’s first development project in Premier 370 was a 714,780-square-foot, build-to-suit warehouse for Reckitt Benckiser that was delivered in the first quarter of 2017. In the second quarter of 2017, Duke Realty delivered a 299,830-square-foot speculative building, of which Reckitt Benckiser leased 161,280 square feet in November 2017 and Grove Collaborative leased the remaining space in March of this year. A 252,000-square-foot build-to-suit distribution center for Best Buy was completed in the fourth quarter of 2017. In addition to the four buildings developed by Duke Realty, two other parcels have been sold to outside parties and developed.
“Interest in Premier 370 has increased significantly since Reckitt Benckiser selected the park for its distribution facility,” added Hrubes. “Companies are finding Premier 370 ideal for their distribution operations because of its superior connections to I-70 and I-270 via I-370 which runs along the north side of the development, rail capabilities via a Norfolk Southern main line that borders the southern portion of the park, and its proximity to Lambert-St. Louis International Airport and the port terminals along the Mississippi River. They also appreciate the business-friendly environment the City of St. Peters provides, having access to an abundant and productive workforce, and a low cost of doing business due to affordable wage rates and a reasonable cost of living. In addition, Premier 370 offers real estate and personal property Chapter 100 tax abatement opportunities to qualifying companies.”
Nearly 170 acres of flat, ready-to-build land – enough to accommodate approximately 3 million square feet of industrial product are still available. Available parcels can accommodate new buildings ranging in size from 200,000 square feet up to 800,000 square feet. Plus Duke Realty can work in any capacity a potential customer needs. Parties interested in build-to-suit or preleasing opportunities at Premier 370 are invited to contact Mr. Hrubes at 314.514.6800.
About Duke Realty
In the St. Louis metro area, Duke Realty owns, manages or has under development 5.3 million square feet of industrial properties. Its office is located at 168 North Meramec Avenue, Suite 100, St. Louis, MO 63105.
On a nationwide basis, Duke Realty Corporation owns and operates approximately 146 million rentable square feet of industrial assets in 21 key U.S. logistics markets. Duke Realty is publicly traded on the NYSE under the symbol DRE and is listed on the S&P 500. The company maintains a Baa1 rating from Moody’s Investor Service and a BBB+ rating from Standard & Poor’s Financial Services. More information about Duke Realty Corporation is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube.